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IIA-CIA-Part1 Certification Exam is ideal for individuals who are interested in pursuing a career in internal auditing. Essentials of Internal Auditing certification provides a comprehensive understanding of the essential principles and practices of internal auditing, which is essential for any individual looking to build a career in this field. Essentials of Internal Auditing certification is also ideal for internal auditors who are looking to enhance their knowledge and skills and improve their credibility in the industry.

Passing the IIA-CIA-Part1 exam is a significant achievement for internal auditors, as it demonstrates their knowledge and expertise in the field. Essentials of Internal Auditing certification is also a valuable asset for professionals seeking career advancement or increased earning potential. Additionally, the IIA-CIA-Part1 certification is a prerequisite for the IIA's Certified Internal Auditor (CIA) designation, which is globally recognized as the standard for excellence in internal auditing.

 

NEW QUESTION # 169
Faced with a complex, highly technical construction audit engagement, the chief audit executive (CAE) considered complementing the current internal audit resources by engaging the services of a civil engineer.
Which of the following should the CAE consider in determining whether the engineer possesses the necessary skills to perform the engagement?
Professional certification, license, or other recognition of the engineer's competence in the relevant discipline.
Experience of the engineer in the type of work being considered.
Compensation or other incentives that the engineer may receive.
The extent of other ongoing services that the engineer may be performing for the organization.

• A. 1 and 4 only
• B. 3 and 4 only
• C. 1,2,and4 only
• D. 2 and 3 only

Answer: C

NEW QUESTION # 170
Some of an organization's payroll transactions were batch posted to the payroll file but were not uploaded correctly to the general ledger file on the mainframe. The best control to detect this type of error would be:

• A. Reconciliation of paychecks to the bank account.
• B. Validation of hash totals.
• C. Edit controls on the payroll file.
• D. Appropriate segregation of duties for batch approval.

Answer: B

NEW QUESTION # 171
An internal auditor is gathering evidence for an organization's internal audit engagement and requests a sample of vendor invoices from the organization. Which of the following is true regarding the reliability of this evidence?

• A. The invoices have high reliability.
• B. The invoices have medium reliability.
• C. The invoices have zero reliability.
• D. The invoices have low reliability.

Answer: B

Explanation:
Section: Volume D

NEW QUESTION # 172
Which of the following is a preventive control?

• A. Placing controls on physical access to inventory.
• B. Creating an audit trail.
• C. Reviewing expense accounts for irregularities.
• D. Reconciling purchase orders with approvals.

Answer: A

NEW QUESTION # 173
Wi ch of the following circumstances would most likely be considered a potential red flag for fraud by the internal audit activity?

• A. The monthly payroll reports are not vetted to ensure terminated employees have been removed from the payroll system
• B. The recent employee survey indicates that some employees remain unaware of the organization's whistieblower hotline.
• C. The volume of nonroutine journal entries has steadily increased over time.
• D. The database of approved suppliers has not been reviewed the last year

Answer: A

NEW QUESTION # 174
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?

• A. The amount of risk that an organization is willing to seek or accept.
• B. The boundaries established to manage the amount of risk taken.
• C. The exposure to risks following management's risk responses.
• D. The extent and degree of interdependency for identified key risks.

Answer: C

Explanation:
Section: Volume F

NEW QUESTION # 175
Which of the following would most likely function as a detective control?

• A. Insurance claims.
• B. Alert employees.
• C. Cycle counts.
• D. Security dogs.

Answer: C

NEW QUESTION # 176
When using a risk assessment model to develop audit plans, it is essential that the chief audit executive take into account the:

• A. Results of the last audit.
• B. Recent or expected changes in management direction and objectives.
• C. Dates of future board meetings.
• D. Planned visits by the external auditors during the upcoming year.

Answer: B

NEW QUESTION # 177
According to the IIA Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?

• A. The auditor is prudent in the use and protection of information acquired in the course of his work.
• B. The auditor does not accept anything that may impair or be presumed to impair his professional judgment.
• C. The auditor performs work with honesty, diligence, and responsibility.
• D. The auditor does not perform services in a particular area when he lacks skills in that area.

Answer: D

Explanation:
According to the IIA Code of Ethics, the principle of competency requires internal auditors to apply the knowledge, skills, and experience needed in the performance of internal audit services. Specifically, the Code of Ethics mandates that internal auditors shall not perform any services for which they lack the necessary skills, unless they obtain appropriate assistance (Option C). This principle ensures that auditors provide professional and competent services, maintaining the quality and reliability of their work.References:
* IIA Code of Ethics: Competency
* IIA Standards, Standard 1210: Proficiency and Due Professional Care

NEW QUESTION # 178
Which of the following is most likely to be an element of an effective compliance program?

• A. The organization obtains as much information as possible when performing background checks on employees.
• B. The program is communicated to employees in a video format on a one-time basis.
• C. The organization uses monitoring systems designed to detect improper activity.
• D. The internal audit activity is assigned responsibility for overseeing the program.

Answer: C

Explanation:
Section: Volume B

NEW QUESTION # 179
If an internal auditor discloses confidential information in response to a lawsuit, the internal auditor has violated:

• A. The Standards.
• B. Neither the IIA Code of Ethics nor the Standards.
• C. Both the IIA Code of Ethics and the Standards.
• D. The IIA Code of Ethics.

Answer: B

NEW QUESTION # 180
An internal auditor is assessing fraud risks and creating a fraud risk matrix for a particular branch location.
Which of the following is most likely to be included in the matrix?

• A. Opportunity, rationalization, and pressure to commit fraud.
• B. Fraud scenarios and relevant risks.
• C. Business processes and relevant fraud risks.
• D. Risks and relevant mitigating controls.

Answer: B

Explanation:
In creating a fraud risk matrix, an internal auditor would most likely include fraud scenarios along with the relevant risks associated with each scenario. This approach allows for a detailed analysis of specific fraudulent acts that could occur and the risk levels pertaining to different areas of operation within the branch. This is essential for identifying and prioritizing fraud risks and helps in designing or enhancing controls to mitigate these risks effectively.References: IIA guidance on fraud risk management.

NEW QUESTION # 181
Which of the following would not be considered part of preliminary survey of an engagement area?

• A. Interviews with individuals affected by the entity.
• B. Sampling scope.
• C. Functional walk through test.
• D. Analytical reviews.

Answer: B

Explanation:
Section: Volume F

NEW QUESTION # 182
A third-party provider's questionable labor practices have exposed the organization to reputational risks and regulatory risks. Which of the organization's risk management practices was most likely ineffective?

• A. The organization conducted quality control reviews of provided services to ensure industry standards were met.
• B. The organization ensured that the third-party vendor provided the best pricing for the requested services.
• C. The organization planned to issue a resolution concerning the third-party provider's labor practices.
• D. The organization performed a due diligence review of all vendors during the bid review process.

Answer: B

NEW QUESTION # 183
Which of the following are appropriate responsibilities of the audit committee in relation to the chief audit executive (CAE)?
----
Approving the internal audit charter.
Approving decisions regarding the appointment and removal of the CAE.
Approving the risk management strategy for the organization.
Making appropriate inquiries of management and the CAE to determine whether
there are inappropriate scope and resource limitations.

• A. 1, 2, and 3 only.
• B. 1, 2, and 4 only.
• C. 2, 3, and 4 only.
• D. 1 and 2 only.

Answer: B

NEW QUESTION # 184
Which of the following skills is critical for assessing corporate social responsibility through a self-assessment?

• A. Facilitation skills
• B. Interviewing skills
• C. Assurance skills
• D. Assessment skills

Answer: A

Explanation:
Facilitation skills are critical for assessing corporate social responsibility through a self-assessment. Effective facilitation helps guide the participants through the self-assessment process, ensuring that all relevant issues are thoroughly discussed and that contributions from various stakeholders are effectively incorporated. This skill set is essential for eliciting insightful, honest feedback and fostering a constructive dialogue about the organization's social responsibility practices.References: Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF)

NEW QUESTION # 185
Regarding assurance and consulting services provided by the internal audit activity which of the following statements is correct?

• A. The nature and scope of a consulting engagement are determined by the internal audit activity based on its risk assessment
• B. Both assurance services and consulting services can be focused on controls or performance or both
• C. The assurance engagement process ends with reporting
• D. The nature and scope of an assurance engagement are subject to agreement with management of the area under review

Answer: B

NEW QUESTION # 186
Which of the following scenarios best illustrates due professional care?

• A. An internal auditor who previously worked in the payroll department within the last year was intentionally excluded by the chief audit executive from the audit team assigned to a payroll audit
• B. While performing a payroll audit an auditor became skeptical about significant payments made to a manager. The auditor sought to determine whether these payments were reasonable through discussion with a manager in a different department in the organization
• C. An auditor assigned to a payroll audit was unable to reperform some complex payroll computations for a small number of employees The sum of these payments was below the materiality thresholds provided so the auditor did not perform further tests
• D. The head of the payroll department being audited is a business partner of the engagement supervisor During the audit the engagement supervisor sought to maintain his objectivity by not participating in fieldwork

Answer: B

NEW QUESTION # 187
According to IIA guidance, which of the following risk management process evaluation findings would the internal audit activity consider most effective?

• A. Strategic risks with low residual values are continuously monitored.
• B. Risk responses align with the organization's risk appetite.
• C. Relevant risk information is captured and communicated in a periodic manner to management.
• D. Risk management processes are monitored through an annual assessment.

Answer: B

Explanation:
Section: Volume D

NEW QUESTION # 188
Which of the following types of information would an internal auditor expect to find in the supporting documentation for a high-level accounts payable process flowchart?

• A. The number of payments paid before the due date of the invoice.
• B. The payment terms and credit limit of the vendor to be paid.
• C. A copy of the new customer request form.
• D. An overview of the steps for validating invoices.

Answer: D

NEW QUESTION # 189
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IIA-CIA-Part1 certification exam requires candidates to have a solid understanding of internal auditing concepts and principles. To prepare for the exam, candidates can attend training courses, review study materials, and take practice exams. The IIA also provides a range of resources and support to help candidates prepare for the exam, including online courses, study guides, and practice exams.

 

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